![]() This can also act as a guide for your sinking fund, which is used for expected, but irregular purchases. When you’re ready, move them over to the budget. ![]() Whether it’s savings, college, a wedding, or a car, enter your target savings for those categories. After all, it’s pretty hard to meet or keep a goal if you are not being intentional, thinking about it, and writing it down. This is separate from your budget, until you move it to your expenses, but it provides you with the ability to list out your goals. And to make it easier, they are color coded in the spreadsheet so you know what expense fits each category.īeyond just income and expenses, the annual budget template also helps you with personal financial goals. It also helps you meet savings, needs, and wants targets. This will help you with goals, such as keeping housing or transportation below a certain percentage of your take home pay. The template breaks down the percentage of what you are spending in each category. Chances are you may have some other category that is not on the list in the template. You can either delete those or just leave them blank. Perhaps your health insurance just comes out of your paycheck. Essentially your four walls and your car (or money for public transportation). Start by filling in what is most important to you and that probably includes several necessities such as housing, food, transportation, and utilities. The template includes the most common bills we have. Just make sure the number is current for that month. Even if you are salaried, this may vary depending on the number of weeks in a month if you are paid every week or every other week. Start by inserting your take monthly home pay in the income section. When you open the spreadsheet, you will see several sections. This makes budgeting easier than ever, and will help you get started immediately. But we have taken the guesswork, and complicated formulas, out of Excel with our Excel budget template. Microsoft Excel can be a tricky program if you do not have prior experience and you never took a class. Walking through the Excel budget template The annual Excel budget template is a great resource for really seeing all of your expenses. Not only will this help you remember what to include in your budget, it may also help you to identify areas where you can save. But a good way to get started is by looking at your bank statements from the past few months. What do you buy or pay for each month? Some are simple to project like your mortgage or rent. Prioritize the items in your budget and pay the most important expenses first. The best strategy is to look at the past 3-12 months income and pick a conservative income number to build your budget around. It is important that you still budget, though it can be a little trickier. Many, however, do not have a regular paycheck. If you do a long-term annual budget, just input that figure and divide it evenly (though some months you may bring home more money than others). So just insert the final number after all taxes, insurance, 401(k), or any other expenses have been deducted. Your income is just what you make each month. For those that have a regular paycheck without a lot of variables, it is pretty easy. Your budget is broken down into two categories: How much money you bring home each month, or income, and how much you spend, save, give, or invest each month, or your expenses. But in reality, it will help to put you on the path to financial independence. ![]() Many just don’t get started because it seems daunting to figure out what you are spending down to the last dollar. This is true regardless of your income and whether it is predictable or not. Everyone needs a budget to keep track of their spending habits each month. ![]()
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